Nigeria: Pension remittance hits N2.5tr in Q2 2014

24 December 2014, Abuja – THE National Pension Commission, PenCom, said the pension contribution by both public and private sectors into Retirement Savings Account (RSA) at the end of second quarter of 2014 was N2.5 trillion.

This is contained in PenCom Quarterly Report obtained by the News Agency of Nigeria in Abuja on Wednesday.

The report said there was an increase of N93.08 billion, representing 3.82 per cent over the total contributions remitted as at the end of first quarter of the year.

It said that the contribution by the private sector during the quarter was N42.21billion while the public sector contribution was N50.87 billion, bringing the total contribution to N93.08 billion.

According to the report, the cumulative contribution of the public sector was 45.87 per cent higher than that of the private sector during the period.

“While the private sector contributions were higher than that of the public sector during the quarter, the cumulative contribution of the public sector was, however, 45.87 per cent higher than that of the private sector,” it said.

The report said the private sector contributions increased from N977.32 billion at the end of the first quarter to N1.02 trillion in the second quarter.

It added that the average monthly contributions for the private and public sectors were N16.96 billion and N14.07 billion respectively during the quarter.

According to the report, the ranking of Pension Funds Administrators (PFAs) by total contributions shows that the top three PFAs accounted for 47 per cent of total contributions.

It added that top five PFAs accounted for 62.7 per cent of total contributions received over the same period.

“While the bottom three PFAs accounted for 0.26 per cent, the bottom five PFAs accounted for 1.20 per cent of total contributions.*NAN